As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
A drop in the price of compact discs shifts the demand for prerecorded tapes leftward. From that you know compact discs and prerecorded tapes are:
Complements
Substitutes
Inferior Goods
Normal Goods
If the price of a good changes but everything else influencing suppliers planned sales remains constant , there is a
New supply curve
Movement along the old demand curve
Movement along the supply curve
Rotation of the old supply curve around the old price
Change in the demand due to increase in the income of the consumers is known as ________ of demand.
Decrease
Increase
Extension
Contraction
The law of demand is given by
Prof. Marshall
Adam Smith
Prof. Walker
J.B. Say
Increase in the price of ink will ________ the demand of pen.
Keep constant
What kind of relationship exist between price of a good and demand of its complementary good?
The father of modern economics is :
Prof. Ragnar
Kenneth Boulding
Prof.Walker